Cross River and PayTile join forces to deliver location-based payments platform
By Edlyn Cardoza
Cross River Bank, a technology-driven financial services organization that provides core infrastructure and embedded financial solutions, recently announced that it will be powering PayTile, a FinTech company that offers location-based payments through its app. PayTile is one of the first-ever peer-to-peer (P2P) payment platforms that uses geo-location to facilitate safe and private financial transactions between users without sharing users’ personal information. Cross River will provide PayTile with core banking infrastructure and leading payments capabilities through this new partnership.
PayTile’s P2P product protects users’ personal information during a digital transaction in an increasingly cashless world. The PayTile app can be used as a payment method in scenarios where physical cash would be preferred (tipping the valet, buying furniture via Facebook Marketplace, or shopping at the farmers market). The experience is similar to the iPhone’s “AirDrop” functionality–users can send money to people nearby without the hassle of exchanging either party’s username, legal name, email, or phone number with the recipient.
PayTile is simultaneously launching Money Drop, their proprietary technology that takes the app beyond just P2P payments. Without any hardware, PayTile can digitally place cash or other digital goods at an exact location for users to pick up and redeem. PayTile’s business partners plan to use Money Drop to draw a physical crowd via incentives, whether that’s to sell discounted tickets at a stadium or to offer coupons to celebrate the opening of a brick-and-mortar establishment.
“Anu and the team at PayTile are revolutionizing peer-to-peer payments,” said Gilles Gade, Founder, President and CEO of Cross River. “By partnering with innovative companies like PayTile, Cross River creates real time solutions to empower consumers and their finances.”
“PayTile’s mission is to make digital payments as private as cash and as safe as a card,” says Anu Vora, CEO of PayTile. “While traditional P2P apps exist to pay the people you already know, PayTile exists to safely pay people you don’t know.”
Cross River’s technology enables the delivery of innovative financial solutions to millions of consumers and businesses across the globe. Its full-stack infrastructure enables the fastest growing FinTechs to innovate and scale while maintaining a focus on regulatory compliance and consumer protection. As Cross River becomes PayTile’s first and exclusive banking partner, PayTile customers will use Cross River’s digital infrastructure and payments capabilities, like ACH, to fund their PayTile wallets and Push-to-Card to replace cash and move funds digitally. Consumers will be able to send and receive money through mobile wallets powered by Cross River.
IBS Intelligence had reported that CRB Group, the parent company of Cross River Bank, had announced its acquisition of Synthetic P2P Holdings Corporation d/b/a PeerIQ, a preeminent data and risk analytics firm that helps institutions analyze, assess and manage risk in the lending sector, as an affiliate of the New Jersey state-chartered FDIC-insured bank.
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